Common use of Franchise Fee Clause in Contracts

Franchise Fee. (a) A Grantee shall pay to the Village a franchise fee of not less than five percent of the Grantee's gross revenues or such other maximum amount as allowed by law. (b) The franchise fee payment shall be in addition to any other tax or payment owed to the Village by the Grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxes. (c) The franchise fee and any other costs or penalties assessed shall be payable quarterly on a calendar year basis to the Village within 30 days after the end of each quarter. The Grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days. (d) The Village shall have the right to inspect and copy the Grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter. Any additional amount due the Village as a result of an audit shall be paid within 30 days following written notice to the Grantee by the Village, which notice shall include a copy of the audit report. If any audit discloses an underpayment of a franchise fee by an amount in excess of five percent of the applicable fee, then the Grantee shall pay the full cost of the audit. The Grantee shall maintain books and records of its operations within and related to the Village and the Grantee's cable system in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e) If any franchise payment or re-computed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of 12 percent. (f) The acceptance by the Village of any franchise fee payment shall not in any way be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions of the franchise. All franchise fee payments shall be subject to audit and re-computation by the Village in accordance with this Section. (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed to be separate and distinct obligations of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, the Village shall conduct a public hearing on the franchise fee increase. The effective date of the proposed franchise fee increase shall be delayed until the expiration of the 30-day notice period, if within that period the Grantee does not request a hearing, or if a hearing is requested, until the conclusion of the public hearing conducted pursuant to this Subsection.

Franchise Fee. (a1) A For the reason that the streets of the Village to be used by the Grantee in the operation of its system within the boundaries of the Village are valuable public properties acquired and maintained by the Village at great expense to its taxpayers, and that the grant to the Grantee to the streets is a valuable property right without which the Grantee would be required to invest substantial capital in right-of-way costs and acquisitions, the Grantee shall pay to the Village a franchise fee of not less than five an amount equal to three (3) percent of the Grantee's gross revenues Gross Annual revenue from the operations of the Grantee within the confines of the Village or such other maximum amount as allowed by lawcontract area. Should the Village wish to increase the franchise fee up to the statutory limit of five (5) percent, the Grantee shall increase the franchise fee concurrent with their annual rate adjustment. A written request to the Grantee will be required not less than 60 days prior to the annual rate adjustment. If the statutory five (5) percent limitation on franchise fees is raised or the federal statute deletes the franchise fee limitation entirely, then the franchise fee may be subject to renegotiation. (b2) The franchise fee This payment shall be in addition to any other tax or payment owed to the Village by the Grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxesGrantee. (c3) The franchise fee and any other costs or penalties assessed shall be payable quarterly on a calendar year basis to the Village within 30 days after and the end of each quarter. The Grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days45 days after the quarter as established between the Village and the Grantee. (d4) The Village shall have the right to inspect and copy the Grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter; provided, however, that such audit shall take place within 24 months following the close of each of the Grantee's fiscal years. Any additional amount due to the Village as a result of an or the audit shall be paid within 30 thirty (30) days following written notice to the Grantee by the Village, Village which notice shall include a copy of the audit report. If any audit discloses an underpayment of a franchise fee by an amount in excess of five percent of the applicable fee, then the Grantee shall pay the full cost of the audit. The Grantee shall maintain books and records of its operations within and related to the Village and the Grantee's cable system in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e5) If any franchise payment or re-computed recomputed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual the legal maximum rate of 12 percent. (f) The acceptance charged by the U.S. Internal Revenue service for late tax payments and the Grantee shall reimburse the Village for any additional expenses and costs incurred by the Village of any franchise fee payment shall not in any way be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions by reason of the franchise. All franchise fee payments shall be subject to audit and re-computation by the Village in accordance with this Sectiondelinquent payment(s). (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed to be separate and distinct obligations of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, the Village shall conduct a public hearing on the franchise fee increase. The effective date of the proposed franchise fee increase shall be delayed until the expiration of the 30-day notice period, if within that period the Grantee does not request a hearing, or if a hearing is requested, until the conclusion of the public hearing conducted pursuant to this Subsection.

Franchise Fee. (a) A Grantee For the reason that the streets of the village to be used by the grantee under this article in the operation of its system within the boundaries of the village are valuable public properties acquired and maintained by the village at great expense to its taxpayers, and that the grant to the grantee to the streets is a valuable property right without which the grantee would be required to invest substantial capital in right-of-way costs and acquisitions, the grantee shall pay to the Village a franchise fee of not less than village an amount equal to five percent of the Granteegrantee's gross revenues annual revenue from the operations of the grantee within the confines of the village or such other maximum amount as allowed by lawcontract area. If the statutory five percent limitation on franchise fees is raised or the federal statute deletes the franchise fee limitation entirely, then the franchise fee may be subject to renegotiation. (b) The franchise fee This payment shall be in addition to any other tax or payment owed to the Village village by the Grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxesgrantee. (c) The franchise fee and any other costs or penalties assessed shall be payable quarterly on a calendar year basis to the Village within 30 days after village and the end of each quarter. The Grantee grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days45 days after the quarter as established between the village and the grantee. (d) The Village village shall have the right to inspect and copy the Granteegrantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapterarticle, provided, however, that such audit shall take place within 24 months following the close of each of the grantee's fiscal years. Any additional amount due to the Village village as a result of an the audit shall be paid within 30 days following written notice to the Grantee grantee by the Village, village which notice shall include a copy of the audit report. If any audit discloses an underpayment of a franchise fee by an amount in excess of five percent of the applicable fee, then the Grantee shall pay the full cost of the audit. The Grantee shall maintain books and records of its operations within and related to the Village and the Grantee's cable system in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e) If any franchise payment or re-computed recomputed amount, cost or penalty, is not made on or before the applicable dates heretofore specifiedspecified in this article, interest shall be charged daily from such date at an annual the legal maximum rate of 12 percent. (f) The acceptance charged by the Village of U.S. Internal Revenue Service for late tax payments and the grantee shall reimburse the village for any franchise fee payment shall not in any way be construed as an accord that additional expenses and costs incurred by the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions village by reason of the franchisedelinquent payment. All franchise fee payments shall be subject to audit and re(Ord. No. 4-computation by the Village in accordance with this Section. (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes02, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority§ 27, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed to be separate and distinct obligations of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, the Village shall conduct a public hearing on the franchise fee increase. The effective date of the proposed franchise fee increase shall be delayed until the expiration of the 309-day notice period, if within that period the Grantee does not request a hearing, or if a hearing is requested, until the conclusion of the public hearing conducted pursuant to this Subsection.6-2000)

Franchise Fee. (a) A Grantee shall Calculation of Franchise Fee In consideration of the rights granted pursuant to paragraph 4 and the mutual covenants herein and subject to Commission approval the Company agrees to collect from Consumers and pay to the Village Municipality a franchise fee of not less than five percent fee. The Parties agree s. 360(4) of the Grantee's gross MGA, as amended, does not apply to the calculation of the franchise fee in this Agreement. For each calendar year the franchise fee will be calculated as a percentage of the Company’s actual total revenue derived from the Delivery Tariff, including without limitation the fixed charge, base energy charge, demand charge, but excluding the cost of Natural Gas (being the calculated revenues from the Natural Gas cost recovery rate rider or such other maximum amount as allowed by lawthe deemed cost of Natural Gas and Natural Gas supply related riders) in that year for Natural Gas Distribution Service within the Municipal Service Area. For the first (1st) calendar year or portion thereof of the Term of this Agreement, the franchise fee percentage will be nineteen percent (19%). By no later than September 1st of each year, the Company will: i. advise the Municipality in writing of the total revenues that were derived from the Delivery Tariff within the Municipal Service Area for the prior calendar year; and ii. with the Municipality’s assistance, provide in writing an estimate of total revenues to be derived from the Delivery Tariff within the Municipal Service Area for the next calendar year. (b) The Adjustment to the Franchise Fee At the option of the Municipality and subject to Commission approval, the franchise fee payment shall percentage may be in addition to any other tax or payment owed to the Village changed annually by the Grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxes. (c) The franchise fee and any other costs or penalties assessed shall be payable quarterly on a calendar year basis to the Village within 30 days after the end of each quarter. The Grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days. (d) The Village shall have the right to inspect and copy the Grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter. Any additional amount due the Village as a result of an audit shall be paid within 30 days following providing written notice to the Grantee by the Village, which notice shall include a copy of the audit reportCompany. If any audit discloses an underpayment of a the Municipality wishes to amend the franchise fee by an amount in excess of five percent of the applicable feepercentage, then the Grantee shall pay the full cost Municipality will, no later than November 1st in any year of the audit. The Grantee shall maintain books and records of its operations within and related to Term, advise the Village and the Grantee's cable system Company in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e) If any franchise payment or re-computed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of 12 percent. (f) The acceptance by the Village of any franchise fee payment shall not in any way be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions of the franchise. All franchise fee payments shall be subject to audit and re-computation by the Village in accordance with this Section. (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part writing of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed percentage to be separate and distinct obligations charged for the following calendar year. Upon receipt of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, Company will work with the Village shall conduct Municipality to ensure all regulatory requirements are satisfied on a public hearing on timely basis and agrees to use best efforts to obtain approval from the franchise fee increase. The effective date Commission for implementation of the proposed franchise fee increase shall be delayed until the expiration percentage as and from January 1st of the 30-day following calendar year. If the Municipality provides written notice periodat any other time with respect to a franchise fee change, if within that period the Grantee does not request a hearing, or if a hearing is requested, until Company will implement the conclusion of the public hearing conducted pursuant to this Subsectionnew franchise fee percentage as soon as reasonably possible.

Franchise Fee. (a) A Grantee shall Calculation of Franchise Fee In consideration of the rights granted pursuant to paragraph 4 and the mutual covenants herein and subject to Commission approval the Company agrees to collect from Consumers and pay to the Village Municipality a franchise fee of not less than five percent fee. The Parties agree s. 360(4) of the Grantee's gross MGA, as amended, does not apply to the calculation of the franchise fee in this Agreement. For each calendar year the franchise fee will be calculated as a percentage of the Company’s actual total revenue derived from the Delivery Tariff, including without limitation the fixed charge, base energy charge, demand charge, but excluding the cost of Natural Gas (being the calculated revenues from the Natural Gas cost recovery rate rider or such other maximum amount as allowed by lawthe deemed cost of Natural Gas and Natural Gas supply related riders) in that year for Natural Gas Distribution Service within the Municipal Service Area. For the first (1st) calendar year or portion thereof of the Term of this Agreement, the franchise fee percentage will be percent ( %). By no later than September 1st of each year, the Company will: i) advise the Municipality in writing of the total revenues that were derived from the Delivery Tariff within the Municipal Service Area for the prior calendar year; and ii) with the Municipality’s assistance, provide in writing an estimate of total revenues to be derived from the Delivery Tariff within the Municipal Service Area for the next calendar year. (b) The Adjustment to the Franchise Fee At the option of the Municipality and subject to Commission approval, the franchise fee payment shall percentage may be in addition to any other tax or payment owed to the Village changed annually by the Grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxes. (c) The franchise fee and any other costs or penalties assessed shall be payable quarterly on a calendar year basis to the Village within 30 days after the end of each quarter. The Grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days. (d) The Village shall have the right to inspect and copy the Grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter. Any additional amount due the Village as a result of an audit shall be paid within 30 days following providing written notice to the Grantee by the Village, which notice shall include a copy of the audit reportCompany. If any audit discloses an underpayment of a the Municipality wishes to amend the franchise fee by an amount in excess of five percent of the applicable feepercentage, then the Grantee shall pay the full cost Municipality will, no later than November 1st in any year of the audit. The Grantee shall maintain books and records of its operations within and related to Term, advise the Village and the Grantee's cable system Company in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e) If any franchise payment or re-computed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of 12 percent. (f) The acceptance by the Village of any franchise fee payment shall not in any way be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions of the franchise. All franchise fee payments shall be subject to audit and re-computation by the Village in accordance with this Section. (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part writing of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed percentage to be separate and distinct obligations charged for the following calendar year. Upon receipt of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, Company will work with the Village shall conduct Municipality to ensure all regulatory requirements are satisfied on a public hearing on timely basis and agrees to use best efforts to obtain approval from the franchise fee increase. The effective date Commission for implementation of the proposed franchise fee increase shall be delayed until the expiration percentage as and from January 1st of the 30-day following calendar year. If the Municipality provides written notice periodat any other time with respect to a franchise fee change, if within that period the Grantee does not request a hearing, or if a hearing is requested, until Company will implement the conclusion of the public hearing conducted pursuant to this Subsectionnew franchise fee percentage as soon as reasonably possible.

Franchise Fee. (a) A Grantee shall Calculation of Franchise Fee In consideration of the rights granted pursuant to paragraph 4 and the mutual covenants herein and subject to Commission approval the Company agrees to collect from Consumers and pay to the Village Municipality a franchise fee of not less than five percent fee. The Parties agree s. 360(4) of the Grantee's gross MGA, as amended, does not apply to the calculation of the franchise fee in this Agreement. At the request of the Municipality, the Company will provide to the Municipality a list of the various rate classes and the previous franchise fee percentages the Company charged to each rate class for the prior year. Subject to the franchise fee cap in subparagraph 5 e) below, the Municipality has the right to set a different franchise fee for each rate class. For each calendar year the franchise fee will be calculated as a percentage of the Company’s actual total revenue derived from the Delivery Tariff, including without limitation the fixed charge, base energy charge, demand charge, but excluding the cost of Natural Gas (being the calculated revenues from the Natural Gas cost recovery rate rider or such other maximum amount as allowed by law. the deemed cost of Natural Gas and Natural Gas supply related riders) in that year for Natural Gas Distribution Service within the Municipal Service Area. For the first (b1st) calendar year or portion thereof of the Term of this Agreement, the franchise fee percentage for all rate classes, with the exception of NOVA Gas Transmissions Ltd. Customers, will be twenty-two percent (22%). The franchise fee payment shall percentage rate for NOVA Gas Transmissions Ltd. customers will be zero percent (0%). By no later than September 1st of each year, the Company will: i. advise the Municipality in addition writing of the total revenues that were derived from the Delivery Tariff within the Municipal Service Area for the prior calendar year; and ii. with the Municipality’s assistance, provide in writing an estimate of total revenues to any other tax or payment owed be derived from the Delivery Tariff within the Municipal Service Area for the next calendar year b) Adjustment to the Village by Franchise Fee At the Grantee option of the Municipality and shall not be construed as payment in lieu of municipal property taxes or other statesubject to Commission approval, county or local taxes. (c) The the franchise fee and any other costs or penalties assessed shall percentage may be payable quarterly on a calendar year basis to the Village within 30 days after the end of each quarter. The Grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within said 30 days. (d) The Village shall have the right to inspect and copy the Grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter. Any additional amount due the Village as a result of an audit shall be paid within 30 days following changed annually by providing written notice to the Grantee by the Village, which notice shall include a copy of the audit reportCompany. If any audit discloses an underpayment of a the Municipality wishes to amend the franchise fee by an amount in excess of five percent of the applicable feepercentage, then the Grantee shall pay the full cost Municipality will, no later than November 1st in any year of the audit. The Grantee shall maintain books and records of its operations within and related to Term, advise the Village and the Grantee's cable system Company in sufficient detail to show gross revenue, by service category, consistent with generally accepted accounting principles. Said books and records shall be retained in accordance with the Grantee's document retention policies, but in no event less than five years. (e) If any franchise payment or re-computed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of 12 percent. (f) The acceptance by the Village of any franchise fee payment shall not in any way be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of any payment be construed as a release of any claim the Village may have for further or additional sums payable under the provisions of the franchise. All franchise fee payments shall be subject to audit and re-computation by the Village in accordance with this Section. (g) The Grantee shall acknowledge as follows: (1) The franchise fee is not a tax; and (2) The franchise fee shall be in addition to any and all taxes, other fees or charges that the Grantee or any affiliate shall be required to pay to the Village or to any state or federal agency or authority, all of which shall be separate and distinct obligations of the Grantee and its affiliates; and (3) Neither the Grantee nor any affiliate shall have or make any claim for any deduction or other credit of all or any part writing of the franchise fee from or against any of said Village taxes or other fees or charges that the Grantee or any affiliate is required to pay to the Village except as may be identified and authorized by federal law; and (4) Neither the Grantee nor any affiliate shall apply or seek to apply all or any part of the franchise fee as a deduction or other credit from or against any of said Village taxes or other fees or charges, each of which shall be deemed percentage to be separate and distinct obligations charged for the following calendar year. Upon receipt of the Grantee and its affiliates. (5) Except as authorized by law, if the Grantee or any affiliate applies or seeks to apply all or any part of the amount of the franchise fee as a deduction or other credit from or against any Village tax or other fee or charge, or if the Grantee or any affiliate applies or seeks to apply all or any part of any such tax or other fee or charge as a deduction or other credit from or against the franchise fee, then, in any such event, the Village may revoke the franchise pursuant to the applicable provisions of this chapter without any liability to the Grantee or any affiliate. (h) The Village may increase the franchise fee if and to the extent that the maximum allowable franchise fee is increased by the FCC. If the Village desires to increase the franchise fee in that event, then the Village shall provide at least 30 days written notice to the Grantee. If, within 30 days after the Village's notice, the Grantee so requests, Company will work with the Village shall conduct Municipality to ensure all regulatory requirements are satisfied on a public hearing on timely basis and agrees to use best efforts to obtain approval from the franchise fee increase. The effective date Commission for implementation of the proposed franchise fee increase shall be delayed until the expiration percentage as and from January 1st of the 30-day following calendar year. If the Municipality provides written notice periodat any other time with respect to a franchise fee change, if within that period the Grantee does not request a hearingCompany will implement the new franchise fee percentage as soon as reasonably possible. c) Notice to Change Franchise Fee Prior to implementing any change to the franchise fee, or if a hearing is requested, until the conclusion Municipality will notify its intent to change the level of the public hearing conducted pursuant franchise fee and the resulting effect such change will have on an average residential Consumer’s annual Natural Gas bill through publication of a notice once in the newspaper with the widest circulation in the Municipal Service Area at least forty five (45) days prior to this Subsectionimplementing the revised franchise fee. A copy of the published notice will be filed with the Commission. d) Payment of Franchise Fee The Company will pay the Municipality the franchise fee amount billed to Consumers on a monthly basis within forty-five (45) days after billing Consumers.